Waitrose  to spend £100 million to prevent consumer price increases.

The corporation has pledged £100 million to absorb price increases on 300 of its own-brand items, including sausages, carrots, peas, and Fairtrade tea.
Although quarter of the products will experience price reductions of at least 20%, the average price across the chosen products will drop by 14%.

According to a Waitrose representative, “This funding has been dedicated to allow us to cut costs throughout the year.”

“We can’t comment on business strategy, but we want to stay competitive, therefore these pricing investments will last the entire year,” the statement reads.

In the meanwhile, some businesses have announced price increases in response to rising input costs.

The Waitrose own-brand ham will have the largest price drop, dropping from £1.50 to £1 by 33%. Then, tuna (8%), sausages (24%), cabbage (22%), peas (17%), carrots (17%), teabags (9%), butter (9%), and cheddar (dropping by 28%) are all in order of decreasing value.

“We recognize that delivering value for money has never been more vital for everyone,” Waitrose executive director James Bailey said. As a result, we’re slashing the costs of hundreds of staples like carrots, butter, tea, and coffee, many by 20% or more. This translates into better value for our consumers in every store, and by cutting the cost of our Essential range, we’re able to keep our lowest pricing even lower.

Source: cips.org


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